And that’s not all, the market capitalization of LUNC once again crosses the bar of 1 billion dollars. Also, traders took advantage of the situation to trade up to $250 million. All this is because of a burn that Binance had just achieved: 6.3 billion LUNC in total.
Binance burns 6.3 billion LUNCs
” Burn alert! 6,389,199,628 #lunc (i.e. $1,038,309) burned for the Luna Burn Wallet. »
LuncBurnTracker is the Twitter account responsible for tracking and posting LUNC’s burn transactions. According to information reported by Terra Finder, and relayed by Times Tabloidthis operation took place on 1er December at 15:35 (UTC).
Binance confirmed this on its official site the day after. Here is how the largest crypto exchange in the world approached the subject:
” Market Tracker reported that a whale sent 6.3 billion LUNCs to a dead address. »
Also, Binance insisted that it just burned 1,959,595.29 BNB, the equivalent of $444 million, lately.
As for burnt Terra Classic, The Crypto Basic estimates that Binance has already burned approximately 20.1 billion LUNCs. It should also be noted that the total supply for this crypto currency is limited to 35.2 billion. Of course, the CZ exchange has factored in the notorious 0.2% burn tax on occasion.
The positive fallout from this cryptocurrency burn
Burning has always been good for cryptocurrencies. Here, right after the Binance operation, the LUNC was given wings. Here is an overview of its benefits:
- LUNC jumped 15%;
- its market capitalization has once again crossed the $1 billion mark: more precisely, 1.008 billion;
- $250 million worth of LUNC has been traded (bought and sold) at the trader level on occasion;
- which caused a 231% increase in volume in 24 hours;
- etc
Admittedly, the LUNC still occupies the 39e position of the largest crypto assets in terms of market capitalization, but this advance will not be indifferent among investors. In addition, Terra Rebels’ initiatives, including the launch of a Terra Classic wallet, are already making some of them happy.
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